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Swift Advance After Repo

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  • Re: Swift Advance After Repo

    Apologies to sofi I am going off at too much of a tangent....... must get this thread back on her track. She will be getting confused if I don't
    Sparkie

    Comment


    • Re: Swift Advance After Repo

      You are right we are going off on a tangent, thing is I believe there are a load more sofi's about to enter this world. Companies like Swift based business more around long term loans so I believe more people are going to find they haven't cleared as much as the thought off of their loans now more will be coming to term. Fred will back this up probably with first plus victims. There will be a market for solutions so solutions need to be found.

      Comment


      • Re: Swift Advance After Repo

        Originally posted by Sparkie1723 View Post
        Sofi, Pt can't do that he would be not only breaking the site rules but his position as a Legal Executive.............I can recommend a very good one but the firm is in Liverpool. There is also one in Leigh Lancashire
        I can e.mail you their names if you would like me to.
        Sparkie
        yes plz sparkie

        Comment


        • Re: Swift Advance After Repo

          Hi Sofi

          I submit this for your information as a discussion point with your representative

          I have been taking a closer look at the costs and charges added to this account and would make these observations.

          In general terms in Key Information within the Agreement the following charges are specifically mentioned

          a) Arrears and default letters sent and received, phone calls with you & third parties 23.00

          b) Account management- active management where arrears 70.00

          c) Account management- monitored where payment arrangement 35.00

          d) Unpaid direct debit, standing order or returned cheque 33.00

          e) Building Insurance administration fees where you cancel cover 95.00

          f) Administration charges for instructing solicitors 75.00

          g) Dealing with legal action-review pre-action 100.00

          h) Default administration fee where account 2 months in arrears for 1st time 250.00

          i) Default administration fee where account 2 months in arrears each sub time 110.00

          j) Ground rent/service charge arrears –where leasehold 90.00

          k) Visit to property for arrears or occupancy check 95.00

          l) Instruct Solicitors for warrant 100.00

          m) Dealing with eviction 100.00

          n) Eviction cancellation 100.00

          o) Possession taken 250.00

          And very importantly the agreement states;

          p) You may also be liable for any other reasonable costs, charges and expenses we incur or pay to a third party, including legal costs which arise out of your breach of the agreement.

          All of the above attract interest if not paid ‘AT THAT DATE’ when Swift have to pay them or decide to charge them.


          These are the charges, that I have identified, under the general banner LEGAL.




          Date Reason Type Amount Disbursement Contract No of Days Obvious Interest
          09/03/07 Letter before Action Legal 75.00 f 3541 81.14
          26/03/07 Issue Legal 100.00 g 3524 107.67
          30/03/07 Issue Fee Legal 150.00 yes y 3520 161.33
          17/05/07 Solicitors Agents Fee Legal 82.25 p 3472 87.25
          23/07/07 W1 Letter sent Legal 100.00 l 3405 104.04
          23/07/07 Warrant Fee Legal 95.00 yes y 3405 98.83
          05/09/07 Eviction cancelled Legal 100.00 n 3361 102.69
          10/09/07 Solicitors Agents Fee Legal 82.50 p 3356 84.59
          25/09/07 Cancelled repossession Legal 117.50 z 3341 119.95
          12/11/07 Solicitors Agents Fee Legal 82.25 p 3293 82.76
          29/11/07 Eviction cancelled Legal 100.00 n 3276 100.09
          06/12/07 Solicitors Agents Fee Legal 82.50 p 3269 82.40
          07/12/07 Cancelled repossession Legal 117.50 z 3268 117.32
          21/09/08 Litigation charges Legal 1,721.40 p 2979 1,566.82
          26/09/08 Litigation charges Legal 381.90 p 2974 347.02
          25/11/08 Litigation charges Legal 211.50 p 2914 188.31
          25/11/08 Warrant Issued Legal 100.00 l 2914 89.03
          26/11/08 Warrant Fee Legal 95.00 yes y 2913 84.55
          27/01/09 Eviction cancelled Legal 100.00 n 2851 87.11
          30/01/09 Cancelled repossession Legal 28.75 z 2848 25.02
          04/03/13 Warrant Review Legal 75.00 z 1354 31.03
          16/08/13 Solicitors Fees Legal 800.00 p 1189 290.63
          30/09/13 Solicitors Fees Legal 165.00 p 1144 57.67
          22/04/16 Litigation charges Legal 75.00 p 209 4.79
          03/06/16 Solicitors Fees Legal 27.00 p 167 1.38
          12/07/16 Solicitors Fees Legal 493.00 p 128 19.28
          17/08/16 Solicitors Fees Legal 144.00 p 92 4.05
          26/08/16 Solicitors Fees Legal 84.00 p 83 2.13
          5,786.05 4,128.90

          Which of these costs would a lay person expect to have been paid.

          How could you possibly know about the cost of a 'Solicitor' unless it was expressly pointed out to you?

          The sums in the column under Contract marked z are not mentioned in the key information so how could you be aware?

          Would a lay person understand disbursements unless specifically told.? (Indicated by letter y)

          Who decides what is reasonable, in relation to legal costs, if you are never in a position to challenge them?


          I have some observations on Admin costs which will follow.

          The chart that follows shows Management Charges. The figure that sits alongside the account balance is the monthly sum that would need to be paid in order to discharge the loan within the loan period. I have used the interest rate of 11.16% purely for demonstration purposes. I know the sum was higher. I have selected certain dates, a) when an agreement must have been in place because of the fee charged and b) anniversary dates at the turn of the year

          Unless Swift were continually articulating the point and confirming on a monthly basis exactly what was happening these were not 'Management Charges' but simply another shovel full of soil designed to bury the borrower,

          The figures are not penny perfect but are for illustration purposes. They will be but a few pence out.

          Regards
          Last edited by Determined; 3rd December 2016, 12:06:PM.

          Comment


          • Re: Swift Advance After Repo

            Date
            Reason
            Amount
            No of Days
            Interest
            Acc Bal
            Pay at 11.16%
            26/02/07
            Management Charge
            70.00
            3552
            75.97
            26/03/07
            Management Charge
            70.00
            3524
            75.37
            26/04/07
            Management Charge
            70.00
            3493
            74.71
            29/05/07
            Management Charge
            70.00
            3460
            74.00
            29/06/07
            Management Charge
            70.00
            3429
            73.34
            30/07/07
            Management Charge
            70.00
            3398
            72.68
            30/08/07
            Management Charge
            70.00
            3367
            72.01
            02/10/07
            Management Charge
            70.00
            3334
            71.31
            26/10/07
            Management Charge
            65.00
            3310
            65.74
            02/11/07
            Management Charge
            70.00
            3303
            70.64
            04/12/07
            Management Charge
            35.00
            3271
            34.98
            27/05/08
            Management Charge
            35.00
            3096
            33.11
            27/06/08
            Management Charge
            70.00
            3065
            65.55
            28/07/08
            Management Charge
            70.00
            3034
            64.89
            28/08/08
            Management Charge
            70.00
            3003
            64.23
            29/09/08
            Management Charge
            70.00
            2971
            63.54
            29/10/08
            Management Charge
            70.00
            2941
            62.90
            02/12/08
            Management Charge
            70.00
            2907
            62.17
            05/01/09
            Management Charge
            35.00
            2873
            30.72
            19,262.15
            325.98
            05/02/09
            Management Charge
            35.00
            2842
            30.39
            18,949.45
            323.09
            05/03/09
            Management Charge
            35.00
            2814
            30.09
            18,909.04
            324.87
            26/10/09
            Management Charge
            35.00
            2579
            27.58
            26/11/09
            Management Charge
            70.00
            2548
            54.50
            29/12/09
            Management Charge
            70.00
            2515
            53.79
            03/02/10
            Management Charge
            64.00
            2479
            48.48
            03/03/10
            Management Charge
            64.00
            2451
            47.93
            03/04/10
            Management Charge
            64.00
            2420
            47.32
            03/05/10
            Management Charge
            64.00
            2390
            46.74
            03/06/10
            Management Charge
            64.00
            2359
            46.13
            03/07/10
            Management Charge
            64.00
            2329
            45.54
            03/08/10
            Management Charge
            64.00
            2298
            44.94
            03/09/10
            Management Charge
            64.00
            2267
            44.33
            03/10/10
            Management Charge
            64.00
            2237
            43.74
            03/11/10
            Management Charge
            64.00
            2206
            43.14
            11/01/11
            Management Charge
            64.00
            2137
            41.79
            11/02/11
            Management Charge
            64.00
            2106
            41.18
            11/03/11
            Management Charge
            64.00
            2078
            40.63
            11/04/11
            Management Charge
            64.00
            2047
            40.03
            11/05/11
            Management Charge
            64.00
            2017
            39.44
            11/06/11
            Management Charge
            64.00
            1986
            38.84
            11/09/11
            Management Charge
            64.00
            1894
            37.04
            11/12/11
            Management Charge
            64.00
            1803
            35.26
            11/01/12
            Management Charge
            64.00
            1772
            34.65
            23,822.94 591.03
            11/02/12
            Management Charge
            64.00
            1741
            34.04
            11/05/12
            Management Charge
            64.00
            1651
            32.28
            11/06/12
            Management Charge
            64.00
            1620
            31.68
            11/08/12
            Management Charge
            64.00
            1559
            30.49
            11/11/12
            Management Charge
            64.00
            1467
            28.69
            11/12/12
            Management Charge
            64.00
            1437
            28.10
            11/01/13
            Management Charge
            64.00
            1406
            27.49
            26,550.99 817.23
            11/02/13
            Management Charge
            64.00
            1375
            26.89
            11/03/13
            Management Charge
            64.00
            1347
            26.34
            11/04/13
            Management Charge
            64.00
            1316
            25.73
            11/05/13
            Management Charge
            64.00
            1286
            25.15
            11/06/13
            Management Charge
            64.00
            1255
            24.54
            11/07/13
            Management Charge
            64.00
            1225
            23.95
            06/08/13
            Management Charge
            30.00
            1199
            10.99
            11/11/13
            Management Charge
            64.00
            1102
            21.55
            11/12/13
            Management Charge
            64.00
            1072
            20.96
            11/01/14
            Management Charge
            64.00
            1041
            20.36
            30,115.87
            1,269.00
            11/07/14
            Management Charge
            70.00
            860
            18.39
            11/08/14
            Management Charge
            70.00
            829
            17.73
            11/09/14
            Management Charge
            70.00
            798
            17.07
            11/01/15
            Management Charge
            70.00
            676
            14.46
            29,768.23
            2,137.69
            11/03/15
            Management Charge
            70.00
            617
            13.20
            26/03/15
            Management Charge Reversed
            602
            0.00
            11/04/15
            Management Charge
            70.00
            586
            12.53
            11/09/15
            Management Charge
            70.00
            433
            9.26
            11/11/15
            Management Charge
            70.00
            372
            7.96
            11/12/15
            Management Charge
            70.00
            342
            7.31
            11/01/16
            Management Charge
            70.00
            311
            6.65
            11/02/16
            Management Charge
            70.00
            280
            5.99
            11/03/16
            Management Charge
            70.00
            251
            5.37
            11/04/16
            Management Charge
            70.00
            220
            4.71
            09/05/16
            Management Charge Reversed
            192
            0.00
            02/06/16
            Management Charge Reversed
            168
            0.00
            4,645.00
            2,791.21
            4,435.00
            2,767.93

            Is this easy enough to follow? See Post 229.



            Regards
            Last edited by Determined; 3rd December 2016, 12:00:PM.

            Comment


            • Re: Swift Advance After Repo

              I would ask Swift for copies of invoices from the solicitors they used. When I was in court the judge asked the barrister how much he was charging 500.00 an hr!! Swift will add on what they want without explanation. They won't send them but it will be more ammunition for you in court.

              TINKS XX

              Comment


              • Re: Swift Advance After Repo

                You know, to a silver tongued barrister the argument is as broad as it is long. The obvious charges you have marked z are easier to argue but I would really question the wording on the terms. "have to pay them or decide to charge them" reads very questionably if you dissect it. Have to pay them infers you know how much they are being charged and the exact date they will pay them which due to terms they could have could be any date between invoice date and terms set date (maybe up to 90days). Decide to charge them to me infers that even though you might know the cost of a management charge from the tariff for instance you do not know when or if they will decide to charge it which to me renders the Tariff worthless.

                Comment


                • Re: Swift Advance After Repo

                  Originally posted by meellis View Post
                  You know, to a silver tongued barrister the argument is as broad as it is long. The obvious charges you have marked z are easier to argue but I would really question the wording on the terms. "have to pay them or decide to charge them" reads very questionably if you dissect it. Have to pay them infers you know how much they are being charged and the exact date they will pay them which due to terms they could have could be any date between invoice date and terms set date (maybe up to 90days). Decide to charge them to me infers that even though you might know the cost of a management charge from the tariff for instance you do not know when or if they will decide to charge it which to me renders the Tariff worthless.
                  Meellis


                  I agree absolutely.

                  Regards

                  Comment


                  • Re: Swift Advance After Repo

                    The other thing to consider is that even though there might not have been a requirement for swift to inform of costs/charges prior to 2008 through CCA they seem to have produced the requirement through their own T & C's.

                    Comment


                    • Re: Swift Advance After Repo

                      Originally posted by meellis View Post
                      The other thing to consider is that even though there might not have been a requirement for swift to inform of costs/charges prior to 2008 through CCA they seem to have produced the requirement through their own T & C's.
                      In absolute agreement

                      Comment


                      • Re: Swift Advance After Repo

                        hi everyone

                        just a quick update........
                        just recieved SAR documents

                        also wanted to you wish you all a very happy merry christmas

                        Comment


                        • Re: Swift Advance After Repo

                          Is there any news regarding this thread at all, everything is quiet yet the court date must have been passed.

                          Comment


                          • Re: Swift Advance After Repo

                            Originally posted by meellis View Post
                            Is there any news regarding this thread at all, everything is quiet yet the court date must have been passed.
                            I agree. An update would be good and helpful to others in a similar situation.

                            Di

                            Comment


                            • Re: Swift Advance After Repo

                              hi all

                              latest update is that the hearing didn't go ahead as Swift thought it was a waste of court time and money so the matter has gone to trial with agreement from both sides.

                              Swift also suggested that they case be stayed for a month in order to agree to a settlement but as of yet not heard anything

                              Comment


                              • Re: Swift Advance After Repo

                                Originally posted by sofi3353 View Post
                                latest update is that the hearing didn't go ahead as Swift thought it was a waste of court time and money so the matter has gone to trial with agreement from both sides.

                                Swift also suggested that they case be stayed for a month in order to agree to a settlement but as of yet not heard anything
                                This seems to be heading in the right direction considering Swift were trying to evict you from your home at the start of this thread.

                                I'm really please to see you fight back and get somewhere.

                                The tide has turned

                                Di

                                Comment

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